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Properties in Glasgow are selling faster than any other UK city

Residential properties in Glasgow are currently selling faster than anywhere else in the UK, fresh figures show.

The latest findings from Savills Home Truths Research on the Glasgow and the West of Scotland property market shows that Greater Glasgow’s housing market has seen significant growth in activity since it reopened in July following a six-week Scotland-wide lockdown, with a 44% increase in agreed sales, compared to the same period last year.

Cameron Ewer, Savills head of residential in Scotland, said: “The housing market in Glasgow is busier than we’ve ever seen it. Many people are looking to shake up how they live and are prioritising a new lifestyle over the cost of securing it. As a result, the right properties are attracting multiple offers and selling quickly.

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“We tend to see an increase in new instructions at this time of year, but this year it’s off the charts. The number of people registering to buy with us in the last week of August was 100% higher than during the first 12 weeks of the year, and we’ve seen an 80% increase in the number of viewings.

“Off-market sales have also increased by around 50% – a good indication that buyers are committed and willing to pay at or close to the valuation.”

In Savills’ latest buyer survey, 55% of Scottish respondents said that a village location had become more attractive due to the experience of lockdown. Savills research reveals a growth of 2% in prime values in areas surrounding Glasgow in the year to the end of September, as a result of a fresh focus on room to work from home and to access outdoor space.

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Faisal Choudhry, head of Savills Residential Research in Scotland, said: “The number of new buyers who registered with us between July and September to buy a property across Greater Glasgow and the West of Scotland was 103% higher than the same period in 2020.

“Last year over 60% of our buyers were families, attracted by the area’s good schools and the exceptional quality of life on offer. However, our latest data suggest that a renewed appreciation of space, the ability to work for home and access to outdoor space are perhaps becoming even more important drivers of demand.”

Meanwhile, demand has remained strong in Glasgow City where a lack of supply has driven a 6.8% rise in values in the year to the end of September.

Despite delays in completions as a result of lockdown, £1m-plus activity in 2020 has remained the same as the 10-year average, which demonstrates top-end market expansion in recent years. This includes a sale at £2.9m in Glasgow’s West End, a record for the city.

Choudhry added: “We have seen a 46% increase in the number of sales agreed for properties above £1m across Scotland between July and September compared with the same period a year ago.”

By MARC DA SILVA

Source: Property Industry Eye

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‘Gentrification’ makes Glasgow property market most buoyant in Scotland

Glasgow can boast the most buoyant housing market in Scotland and some of the quickest sales turnaround times in the UK, according to property experts.

The healthy state of the market has been put down to a series of property hot-spots and the continued “gentrification” of the east end of the city. Glasgow is said to be seeing consistently strong demand, despite the squeeze on household budgets and the prospect of further monetary tightening, with buyers prepared to pay prices “significantly above” Home Report valuations.

Releasing new figures, estate agency Walker Wylie said it had seen a 37 per cent rise in sales in 2017. Its average sales time of 23 days – around a third of the national average – also suggests that Glasgow is among the fastest property markets in the UK.

The area of highest growth for the firm has been the east end of the city where sales grew by 65 per cent in the 12 months to February. Other high-performing areas included the southside, where sales leapt 58 per cent, and the west end where the firm recorded a 41 per cent hike in property sales.

A more modest rise of 20 per cent was seen in East Dunbartonshire, with East Renfrewshire up 15 per cent. Bosses at the agency, which was founded by two former directors of Clyde Property, said the market had failed to be derailed by Brexit uncertainty while the Land and Buildings Transaction Tax (LBTT) had not impacted on sales figures.

LBTT has been blamed by many in the industry for a slump in transactions at the upper end of the market, particularly in Edinburgh. Co-director Stuart Wylie said: “What we are seeing is the Glasgow market out-performing the rest of Scotland and, indeed, much of the UK.

“While parts of Edinburgh continue to hold-up, that can’t be said for the city as a whole but, across the M8, it’s a different story.

“We have seen people prepared to pay prices significantly above the Home Report value for houses, particularly in the west end and the southside. “The gentrification of the east end has continued with higher prices being paid for upgraded tenement flats and even town houses in areas like Dennistoun.” The firm, which brands itself as a “hybrid estate agency”, expects the growth in sales to continue.

Fellow director Barry Walker said: “Where you have demand outstripping supply, some buyers will invariably pay more to secure the limited number of properties available. It’s a recipe for a distorted market which isn’t always healthy but we’re some way short of a bubble, as things stand.”

Source: Scotsman